Evening Star Newspaper, January 3, 1928, Page 12

PRICES ARE FIRM ON EXCHANGE HERE Two Bank Stocks Out—First| Trade of Year in Pepco 5 1-2 Pct. Pfd. BY EDWARD C. STONE. The Washington Stock Market start- ©d 1928 with conservative trading and THE EVENING STAR. WASHT NEW YORK CURB MARKET Received by Private Wire Direct to The Star Ofice “ollowing is the list of stocks and ”::0 South bonds traded in on the New York [ of(h 36 1008 O Kanw Curb Market today: 008 0 Ky INDUSTRIALS 400 Vacuum High FAcetal Pr A wi 2Alm Co n..... §Aum Co ' pid 9 Am Arch Co_ 1Am Br Bov Ei B 3Am Cyanamid B TAm Dept Stores 15 Am Gas & FI Am & Ef L Am g Am *am ) Am 4 Am 113 Am 1Am 1 Amstentam Asso Gas & Penn O n v Penn P on! BONDS Sales in Cundimds. Low ) 5 Rolling M SO Crad prices about where they left off at the ringing out of 1927, The vear's first, transaction was in Potomac Electric Yower 51z per cent preferred, 20 Fhares changing hands at 1081 Lans ton came out at 1091y Mergenthaler | 10412 and %. and Sanitary Grocer erred at 105 wo hank stocks board. Merchants Bank gelling at 151, half a point above aoy gale in 1927, and American Security ] & Trust af 430, the same as the last | quotation last vea r. There was con- siderable activity in National Mort- gage & Investment preferred. 30 shares ling at 57. 50 at 5 and 45 closing at 5's. In the bond divis Gas 5s.moved at 10 \pprared on the & Trust Co. Washington the Gas “B” and Chesapeake & Poto- | 58 at 1903y Today's e almost clogged w |\i lend sent out by locall Tanks and otber financial institutions T were paid on Deee mber 31 in Control Suit | { Miller, first vice president of | or Train Control Corporation | in. telegraphs The Star tha 1 brought Ly the Sprasue Safe ol & 1 Corporation | e Miller company has been | dismissed. the Sprague company pay-j ing the costs of the suit. The ‘\n_ll was originally filed in December, 14 on mail opped. of Stau the 38 mzainst o charged infringement. An injunc- tion and an accounting were also eought. The spe ™M fic case charged that the ler Train Control Corporation had vsed important featu of the Sprague company patents in insta tions on the Toledo division of the w York Central Railroad. The case s set for trial in the United States| Jristrict Court for the western district of Virginia. As the Sprague attornevs @id not care to proceed with the trial the court dismissed the matter. i Much Miller stock is owned .in| YWashington, so that the ending of the suit will be of special interest here. ew Real Estate Office Opened. | Stuart Poston. for 20 years con- | | estate business | E nected with the rea { 4n Washington and formerly sec 'lur} 1 and rental manager of Allan E. Walker & Co.. has opened an office | of his own, and will conduct a real | estate. loan, investment and insurance P e company which has been formed Mr. Poston is l)rm(h‘l(‘ t unfl manager, Harold P. nss vice presi | dent, Jerome P. Friendlunder treas- Yrer. Arthur Pinkerton secrefars Yulias 1. Peyser general counsel. Fred Mckee attorney and Benjamin F.| dams auditor. A ew firm I8 located in the Tn-| vestment Building. at Fifteenth and | K rects northwest | X "B A Convention Dates Set. | The first week in October has been | designated for the next ar\mxm‘mm wention of the American Bankers' As sociation. F. N. Shepherd announces. | *\x the cathering takes place in Phila-| delphya, an unusually large numb('rl of Washington hankers will attend. | Monday, October 1. will be given | to committee meetings. The geperal | sessions will be held on the morninge | ©of October 2. 3 and 4, while the after- Toons will be given over 4o the addi- tional section and division meetings. Bank's Earning Assets Jump. The total earning assets of the Fed eral Reserve Bank of Richmond, wh!:-h 000 on December 15, 1926 00 on December 15. | the increase being made up of | sed in the open 84,12 1927 3 coeptances urcha; market and Parger holdings of Gov- | ernment securities. Member banks | yaised their reserve deposits at the | yeserve bank from $69.940,000 a year | ego to 37.000 on December 15 1927, increased deposits in member | banks requiring higher reserves at the geserve bank Sees Trouble for the Careless. Leroy D. Peavey, president of Bab son's siatistical organization, who at- tended the sessions of the learned societies here last week, uttered many | words of financial caution while in | the city. With other things, hie sald:| “The past year has been a pecular | Many individual companies Arc | more favored groups have mrde | eat strides and others aave heen | continually complaining of hard timies. | Meanwhile, total volum busi | zo0d, haw aimost cor 1. Hundreds of rerprises huve called profitless prosperity. same trends are still evident #0 continue. The volume of n 1928 ought to be fairly 5 wax good both ende with a t recession in the middle of the year, and 1926 was one of the bes: 12 monthe the country has ever [ Th! makes, with 19 three oxt wonderful years. 1928 as far o | can row be determined. will hardly | poaintain the higher levels of these | three years, but 1t should be a good | ¥ probably not far from the Jeveis of the last four months, Management Still Vital Factor. money will continue, at least first part of the year, but, re- cary money will not cause in puorly managed com- There are n 1ot of such com- | snd thut I8 why any major nt in the ke of The should be nwntd, even Lest companies i an era o “The end wi business | and “Fary for th member sAVanCes pantes panies o) will 4 Bonds < s el Kuine @imitar Une P which ere & Fineteer which careless Wi Henrd in ¥ Americar Ferumed ton The §13 .00 4 per cent gold bonds by Joterstate Commnerce Comtnls sion 1o be the Missours Kan sepTegor Mollivad will be sold 1o Kb, Lokl & Co. Jadenbwrg, mann & Co, Netonsl City Co, J, & W, Beligman & Co. snd Hallgarten & Co bt 975 The bonde hsve been of Tered 1 the public st ¥9% wocks ment i firm s e welling woren #reat of dmi pubiie nold prople e 5 year iy, he trouble " ver Kroup of twenty cight wi reful dul District Chapter 1 e i Warhigton Trmtitute of $3anking sht w mort thor iz u ot lor Foke the sed by Fleted Insurance Directo ex ners cutive man Flate 174 Hank & of Fachunond. han been elect of thie bardd of diectore Meade Addison “ldent TREASURY CERTIFICATES, dbyd & W man ko) e ot TR R R OF! 1 [TE TR 3N Ateh = Atlax @ Ros 61 Bos & P 14 Bohn ATt 1RO Corn' B dlo Nfe.. . Bralla Mfz ‘A Bway D stes 1 i 19, Erockw Mot 50 18 0t 133 BRiva city' R R i Com N Bueyras Erie wi 3 a0y ¢ 11 Buey Erie €n wi ¢ 3 Budd Mleeo oo F Campbell Wyant' 301 can' Marconl W.. 34 Co Caslon x 1 Tract n 5815 Am n 100 1 ofd 177 % 112y, . A 201 4 WayP O 0 % 18N Emp 0 & R'biia CM&SP 1 pfd wi T Morme n» B T't.. F nid 1 U LT d i o Ay Ve Sorv H Larabee & 1 n pmimenwith mmonw T wi ommon P i pfd 104 3, W L 153, 2] 40 Hydrau St 16 Ind O & Gas Ge Tind P &L 41 Intl Mateh be 6 Tnl ¢ 1 Inter N G A Tnter P Se 5 Inter Sev i Cartia Pub nid 1. Deera & Co 5D For R vie 3 DFRC vie ofs den dixon Crucible Dubilier & wirant - Mot Co A vl S 8 Lines & SHopni1il B & Sh Corp 80'; Invest Inc.: 4314 A10in 3 R a1 o aligh' Poon A e & PRI i P Cor Tng T Wate 1 Federal B Fireman's ', Firestonn 1 Firert T 7 o Flor P_7a nfd i Foote B G & M 18 Foundation F 52 Freshman Chas 1 Garod 5 Gen Bak 17 Gen B 1 ov. Cons Con b o G T 100 ww 10 by old Seai 'E 1 Serv rand Stor-s reent T & D 2 Hall Printine 4 Havniness St 1 Hazeltine Corp. . 10 H- ', Hereul Powd' btd 1 2 Hires Ch A. 1 Holland ' Furoace 3 1 Huylers nfd. ... 1 13 Hszrade Food . . 15 Ind Rav Cor A 3 Insur Co N AInt Cig M C X Intern Uil 21 Intern Tuil Shepp Pie Shiw WP 115% A i Slose Sheff 6. Suider Pack 6 A R . Intern T01 pfd 0 Iohns-Manv n 1 Kinnear 8 Lackawan R R 172 Lefeonrt Real nf 215 Leh Coal & Nav. T Leh Pow n O Leh Val € ofs 21, Teh Val ¢ Salea. 3 Lemur Co . . 1Leon Fi P Mnel. 3¢ Long Tl Lt of Manhar 6 Marc Wire Lon.. 2 Marmon Mot . 12 Marvi Casualiy.. & Mavis Corp + Bottling ¢ Drug Store MCall Corn n ¥eCord Rat B MeCor vt McKeesn T P ad Johnson' .. 20 Mesahi Tron w6 P ba A 101 % Mil 6 & Pow 51 2 Weat Ch 558 1% Batavia B8 hiraat 7 Brisbane 2 Buenos A 2 Buenos A 78 4 Buenos Air _7ias 1 N Burmeis & Wa 6 #HCent B G S B 3 Danish Corms 6 Denmark 51, 2 First Boh W b ) 9 5 08 MNid WU 6 pf 2 Miller Rub pfd. 96 M P 1 pld 1001 Mohawk Val n.. 485 sk L al El Pow A.. 2 Nat B & 1, 7x pf 100 Nat Pdb for A, 2214 Nat Pub Ser Bs Nevr Pow wfa. 17010 Y Tel Co vfd 114 iles Bem Pd n. 4 A Mondor 2 s 81 orth Amer Cem. ¢ Meridion Ef 75 A orth 0 Pow 1 Montevideo 6is A SPCAX s 2 Mor B S PCA ra wi ¥ Mor B D Nor Sta P C pfd. 1 10 M Bk T i North Pow n. . 2 Muni M 4 Pae © Biee nid W Nor Hyd 2 Pae GEE 1 1 pid i Pender D 4 Pender D 1 pennes A wlin Morris |, 3 Pigly Wigkly 2 Diiney Hoew P Pittsb & Lake E 153 B Pow Secur Corp. 1 J3Prat & Lamn C b y Pro Gamble . 245 3 Renl Asen kv ' Safe CH & Lt 7 Seineriing B C Selfr Prov Storea Kerv Bl Corp. . o paid ThServ El n vie wi (TR i o 1% A 4 Manf M&S 74 i1 B Manf M&S Ts ww ymk 1 51X *Ex dividend. GERMAN BONDS AND STOCKS. { By Special Leased Wire to The Star, | NEW YORK, January 1 Ger Gt 1 e att per Ger Gt Red draw o o o) i 00 Asked 1 Loan with draw 00 R Mo Loan withoit e 1000 R M 3100 o dollars pee mittion a 101 5 1ol w00 s i 48 00 4 Sineer Mix fud Santhashas wi E OB oot ¥ {thing 0 Sou’ Cal i s P 3 S04 ke st Ry Stand Com |3 Stand Swern Stern iy A% T Sk 4 Hamburz Amer Line 4150 North German Lioyd 4% » Krapn B 1021 4 1 Dosseifort 4s pre-war Franictort n M 4n pre-war. | | Munich 4a prewar (Quoted i ;180 G Elech 50 0 iswie dnd) 2 i &' [ v e A BT P O Trane Toux Pie Frian gy T8 ubice A % B Vi i et I i 6T, et ml‘.’rfll»\' o 2 o, ot Prltdhar w1 8 Wreleht n 5% v 0 iars ‘ver share 40.00 { Commer 1 I‘I Ali.lf o Austilan A E G (Gen Blec) ¥ 0 S 1 Batiery b Tl BE L ner Gelr A (Quotations furnished by W. B Hibbs & Co ) ominal kold Selling checks or par toduy $4 K605 34 85 Kl 01 10K nt vali London. pound Montieal dullar Faris | fran: i umnele bk e I o Zrien ms Whil ot ‘wi MINING STOCKS 32 Am Exulora 5 Aviy Comm (b 6 W L 7 Golten Conior M 1 Hein Min Teon Can Copwr Min Comenliner Orlny crown Stacknolm o4 “Hon s rown o [ NEW YORK, January 3 () For elgn exchanges mixed; quotations (in centw): Great Beilain, demand, 457 1118; cablen 48805 60.day bills on Dankon, 4587, Frnnee, demnnd, 3531 cablew, 39 aly, demund, 5275, ciables, b.28Y Deniind - Helgium “3mihy; Molland, VL0, Bweden 2650, Bwitzerlind 1715 Girees 1. choglovalila, " Austeta, 1411 Kamuni, 62, Argen s, 4289, Braal, 1198 ko, 47.71; Shanghu), 6493%; Montreal, Y82 181G INDEFESDENT i A Con 01 I¥ Koy S, v 2Bt Am Ol o o Bynd 100 sy [ 13.9% 0431, Germany Nurway, 204 Denmark 19401, a1 Poland, 1125 Tugoslavia, 1,76, i 4 nonn Bt damnbia Syi 1 Syl yos) (e B i 110 i cor 7 ¥y GaY AMERICAN STATES EARNINGS. NEW YORK, January 3§ ()~ Not earnings of 32,269,480 tor the yeur ended November 9 ave re ported by An Tenn Hlaten Neo 1len Corporation, Giand Rapids, Mich ! Mulunce nvallubile tor resery Fed § i) Gaxes and surplus waws § W » Cirune Wwern B A0G 022 50 Mex A Mount Proa 17 Kl Fuel Gas' i | New Readford 0 3 Nor Cond Tex Oif 2 Purtenee (H) 4 Roites Von () Woom Con ol he e e DARD 011 JS81UES SU ST A RIES i 0 AND wTorK s FORMER INTERNATIONAL SHOE KEW YOk o ocnme of o | "o rone SITBUNALT femn 818,217,676 the year before Phis in equal after prefored [ dividendn (o 8465 & shanee on the new mon wgainst $1870 a whire e loum year wn the old coninon L) Tanunry 8 [ ed November 20 [ Titern 200 1, 400 Linirs 1o e vt 431 e | nitles, 1928 [ { TREND 1S UPWARD ON CURB EXCHANGE Demand Centers in Special Issues—Range Narrow in General List. BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star. NEW YORK, January 3.—Having started In where it left off at the close Saturday, the curh market price tendency continued upward, but with the demand centering in special fs- sues. The main body of stocks moved over a narrow range, and where ferings came upon the market they were readily absorbed. 4 Practicaliy all the new St. Paul is- sues were higher, with the prfeerred At its best price so far reached. Bu ing in these instances was influenc by the latest developments in the plan for reorganization. At the same time New Haven 415 per cent bonds were bid up a half point or more, but in the bond division it was only the rail- road obligations that did anything noteworthy. Brooklyn Ci Among low Brooklyn City tention when' a bl changed hands x and later crossed Althouzh the price was down only slightly from the high of 19 there was reason to helieve that the heavy buying in this ordinarily inactive issue represented repurchis ing by those who sold out some time ago for the purpose of establishing income tax losses nd were desirons of retaining their holding Heavy profit taking carried Ne mont Mining down over 4 points at intervals, but after this had been com pleted the price rallied. ing issues failed to be influenced strength in exchange. 0il Well Supported. ¥ Railroad. priced specialities Railroad attracted X f 5,000 shares hy during 1928 little changed, there was little incentive to come in on the buy ing side. Mexican situation were having a reas. suring effect upon speculative senti ment, but it was evident that a ma- terial change in the domestic situation is necessary to encourage active bu did little In the way of price appre tion. Specialty favorit Bronze, Campbell Wyant and ¢ and American Rolling Mills, which were substantially higher. 1'ub- fic utilities came in for more atten- tion under leadership of American Gas and Electric, Electric Bond and Share and United s Improvement. BUILDING PLANNED IN HUGE VOLUME neral nnon all of included " | Dinner Pail of Unskilled Labor Likely to Be Well Filled During Year. BY J. C. ROYLE. YORK, January 3.—Many a white collar ix due to be wilted in 1928 Thix became evident today when reports from all sections of the country indicated a probable surplus of clerical and other so-called white collar workers, In general, reports from the var ous territorial divisions received by telegraph express optimism as to the volume of employment throughout at least the first half of 1928, but it fs noticeable from these reports that this optitism existx principally for skilled and semi-skilled labor. So far ax the unskilled labor em ployment problem is concerned, the absorption of thexe workers scems o depend to a startling degree on the carrying out of present programs in volving road construction. public util ity construction and building construe tion. In scores of different commu the local v ix reported ns adequate for all unskilled require ments Special D EW Moving e Worki N Thix means that the ftinerant work ers, up to the time of the harvest at least, must depend on road building raifrond and utility construction for their fo It is likely, therefore, that the frefght ears and private automo biles will carry more non-paving pas “engers in the next thres months than they have for some time past. This i not' a serlous situation, according tc labor unlon and Government officials The toad and building construction work I% expected 1o be more extensive even than it was in 1926 and 1927, In the latter vear building construc tion alone fnvolved the expenditure of 7000.000,000 and thix record will probably ‘be equaled or exceeded in More money will he spent on rouds than ever before, for the States sturt with a fund of at least half a billlon dollurs which will become avalluble through taxes on the sale of insoline und the duplicution by Federal Government of sums devoted this work. The soundness of the bullding sit uation In attested by the stabilized prices and tradings in real est an hy i survey of the markets of the United States and Canada just completed by the Nuational Assoch ton of el Extate Boards, Thix sur vey covered 210 cities. Nisty nt of those cltlen report thut the mny Ketn are an good, or better, than the wel noNeRr mgo. In M per cent hese citles welling prices are hig now than they were in January, | | While a1l of the clties having o popu lation ha!f a milllon or over hay shown o remarkable stability with | comparatively little prige changen, Realty Transfers Heavy, The total real estutg transiees for 1927 have heen fully up to that of the banner yeur of 1926 and the trend of the market as 1927 qrew (o a clowe gave no indication of a let down. In fact, February 1928, nn wiw the came lant year, probuhly will set & new peak for the total nimber of real estate transfors 10 of the last 12 years the wiles of renl estute have Increased 1n the curly months of the yeurs. Ientals for all types of dwelling whow a downward end as compared with last year, but central business property 18 commanding higher prices than & year ago. The decieane in restdential rentals, however, has been allght, even in thoss districts which have been regarded us most wertously overbullt, Canadinn eition Feport an even more optinlstio show tug than | elurned by Amerivin wnicipalin The supply ¢ whows o ek Bk e veniinent e steady and only “huw Vislig pate however, that the i i the sections fe Inted f capltal for hullding iy darkin murplus Tnteront raten wovery fow cltion 1 Im ahvinns citent AtV st heavily popu [t . When the Mums D i Austialin P eomgleted o 1980, Austialia and G Uiited Biates will five the (wo Jagest venervalr damn tn the world Other min- | this group on the stock | With the outlook for the oil shares | ing. The olls were well supported, but | the | o NGTON, | | jers were unable to make much dis | 121a13: ¢ | laskets, Savoy | ehoice, | reported to quote. | light, n | | | lettuce, crate: | D. C. TUESDAY, JANUARY 1928. BUYING IS LIGHT IN CENTER MARKET Cold Fails to Spur Trade. Holiday Business Not So Brisk. Cold weather did not serve to in- crease market business this morning. Many of the wholesale houses kept open vesterday until noon, but buy- ers were not much In evidence. No great demand for any line of foodstuffs was reported this morninz, wnd hecause of the cold weather, deal- play outside their places of businese. yme losves, due to cold weather early Sunday morning. were reported by fruit and vegetable dealers. Merchants are pleased that the holiday scason is ended. Business was not as brisk during the past holiday season as usual. Dealers this morning reported prac- tically no changes in prices sin Inst week, and &o slow were sales that prices on numerous commodities were not reported. It is probable that there will be some changes in prices the next few days. Wholesale Prices Today. fresh killed—Reef, 1. 24126 lamb, 26a27: fresh 20; Ioins, 18a20: fresh shoulders smoked hams. 20a22; smoked houlders, 16: strip hacon. alves, alive, 14al 13 tter—One-pound prints, tub, store packed, 31 Ergs—Fresh sclected, 44a43; hen- | nery, 48: current receipts. 40. | Poultry, alive—Turkevs, 38240 fowls, small _and medium, | larze, 22223; Spring chickens. roosters, ducks, 18a20 young, 19a75; old. 35. Dressed—Tur- | keys, 40a42: Spring chickens, 2 oosters, 13: capons, fancy, heavy, 11, 38%a40; ducks, 30: keats aliv Today's Wholesale Prices. Today's market report on fruits and | vegetables, compiled by the Market | News Service Bureau of Agricultural Latest developments in the | Bconomics. . says: Apples—Too few sales reported to quote. Cabbage — Supplies moderate; de mand light, market steady; New York. sacked, per hundredweight, Danish type, 1.00; Texas, barrel crates, appro> {mately 100 pounds net, round tvpe, 3 light; demand light, New York. two 0a3.00; California, Cele market thirds crates Lettuce — Western supplies mod mand light, market slightly ronger: Arizona, crates Iceberg type. dozen, 3. 50: Eastern supplies light: demand light, market steady Florida, 2-dozen crates Big Boston type, 2.25a2.50: 112-bushel hampers Rig Boston type, wide range prices, | 1.50a2.2 Onfons—Supplies moderate: demand light, market steadv: Michigan, Ohio, 100-pound sacks, yvellows, U. 8. No. 1, 2.50. Potatoes — Supplies moderate; de- nd light, market steady: Michigan Russet Rurals, U. ine. 120.pound sac reen’ Mountains., " 8. No. 1, 2 130.-pound sacks, 3.50. pinach —Supplies moderate: de mand light. market slightly stronzer Virginia, Norfolk section, ushel 1 kets, Savoy tyvpe, 1.50: Texas, bushe! type, 2.25 Tomato Market Dull. Tomatoes—Supplies light: slow, market dull; unknown repacked In New York City, ripes, wre pped. fancy count, 2 2.00a2.25: Ohio, Suppli ms 0-pound sack 0. 1, 3.50: M; demand origin threes, L 2.5082.75: | too few sales String beans—Supplies 1light: de. | mand light, market slightly stronger lorida, “x-bushel hampers, flat type 4.5005.00: refugees, 4.50; wax, demand slow, 4.00. | Peppe demand pep light: Florida, — Supplies arket steady; ates, fancy, 2.00, Eggplant—Supplies ht. market steady: Florida, pepper erates, fancy, hest, 2.25; poorer, 200 Carrots—Supplies moderate; demand light, market steady; Texas, crates 3.00a3.50. Reets—Supplics moderate; demand light, market steady: Texas, Western 3.00a3.25, few, 350, Caulitower—Supplies lght: demand Hght 1 fornia, LITTLE POTATO TRADING. CHICAGO, Tanuary 3 (United Stutes Department of Agriculture) Potatoes 96 cars: on track 143 cars. United States ship ments: Saturday. 8¢ : Sunday, cars: Monday, 187 cars, Practically no demand account of cold weather, F The following table shows the aver age movement from week to week () of the wholesale prices of 200 1ep tementative commodities (from Dun's Review) and (2) of the purchasing power of the dollar light: demand | sher’s Price Index Purchasing f the ol War conts Le 101 Index No ot Prices in bor cent of pre. War busis 1e 10l . aiter ad aiarter Third auiaster nye e it March Fist Auiil Aty Kl AveraRe mber Ay ake Forelgn Weekly ludex ump's (London Financial Index nmber for g land Thmes) j Wiat e F A it Garter Veinber aiihe v piiat T We A wenk Faiin ek Jahtiary TV vy Alianst v e Wit U Seotmt weok Phit waek " Fauith week TR PN week Ve " ~.u.‘nlnl‘d'x WHEAT PRICES RISE ON FOREIGN REPORTS News of Increasing European De-: mand and Advances by Argentine | Shippers Factors. x | | EVERYMAN’S } INVESTMENT! | BY GEORGE T. HUG Proper Investment FPo In our discussion of a_proper invest snt policy under conditions as they | prevail at the beginning of 1928 we now com to the question of long. term versus shortterm securities Bonds of a distant maturity should e bought when inter ox are high and declining, thoxe of short term are more ¢ when interest rates are low and advancing This is an easily understood principle. | If interest rateg are high bonds will be selling low and as the rate comes down price of the bonds will advance. fonve when interest rates are low the price of bonds is high and if interest rates advance the market value of the bonds is correspondingly lower, y far it is very simple. We are now in a period of low in terest 1ates and high prices for fixed income-hearing securitics. The diff culty hes an deciding whether t trend is toward a hardening of money vates. If we were sure about that we would know that investment in long-term bonds at this time is in- advisable. Opinions as to the actual trend are at varfance., This much, {however, can he said. Rates are not likely to' go much lower, %o the sa fon plan” for the investor wi e sell for about the same as in 1925, the | finiy (o employ i (o put them into actual selling price will be $4.69 a ton, | bond of comparatively nearby - ma- about what the manufacturer pays for | irivy. In that way he w )t coal on contract price, the asso. | y. In that way he will be pro- 4 2 tected against any extensive Clasl il tion in the market value of his princi- pal. He will not enjoy a speculativ profit, but he will not have a specula i tive loxs either ). f we conclude that £20K: b n as high ended n g far as their price Iea money rates. expectation of tive prol must evidently be fore The object, then, ix to have funds liepuid €0 that when opportunity offers « may be purchased on more terms than are now avail- Iy the Assor CHICAGO, January prices took an early today, influenced largely by reports of increasing European demand to- | gether with falling off in world ship ments, Furthermore, ndvices were t hand telling of Argentine shippers sking a sharp advance. Starting at 4 to % gain, Chicago wheat later | powed an additional rise. Corn, | is and provisions were also firmer, corn opening 1y to % higher, but subsequently reacting somewhat. upward Wheat swing BRICK INDUSTRY. YORK, ;3 P brick manufactured in 14 more than 1,200 plants ix placed 00,000,000 by the Common Erick Manufacturers’ Assocfation of Ameri cn. Loading 20,000 bricks to a c it would require 375.000 cars to carry the output, or 7,500 trainloads if di- vided into trains of 50 cars each. Al lowing that the 1927 production will The | . 3 GENERAL SILK LOSES. NEW YORK Operations ot the General tion for the fiscal year ptember resulted in a fter depreciation and interest on ind inventory adjustments, compares with profit of $1 vear before. Net sales were $21.020 j93. Inability to operate at a profit during the vear was due to the con- tinuous decline in raw and waste silk price the report said, largely due to the weak financial position of Japa- nese reclers Janui oLy securities they will are Siik 0 0 charges funded This 2 the than 400 towns were destroved. ine and Asia fluctua- | VALUES G0 LOWER NCOTTON TRADIG - Cold Weather in Southwest Principal Factor in the Decline Today. By the Asciated Press. NEW YORK, January 3.-—-Reports of a cold wave in the Sauthwest {#eemed accountable for considerab) Heuidation and local selling in the cot- ton market today. First prices we, #teady at an_advance of 1 point on January and March, but 2 to 10 poir lewer on later deliveries tions soon showing ne ) points Trade buying on some fresh buyin, ket at the decline off to 19.4° for Mare {up to 3 or 4 points bel | the first hour. e down and s end of Part of the eari ing was said to be based on that the low temperatures South would kill off some of th weevils in hiberngtion, and showing a relatively steady carly, Liverpool eased off also Private cables said continental buy {ing had absorbed selling of ries in Liverpool and ter reported an impro cotton cloths from Ind inz continued in the decline extending March o points October sold off to cline of 30 points ness of the new crop sidered o belief t ratures in coming erop ume of decling, quiet 19 pe prospec nd market showing the lo was 3§ or prices nts fro . Monteviden, Uruguay, will erect a Jarge thermoelectric plant. Direct to the Southern Riviera and editerranean Amid Parisian Atmosphere with renowned French Cuisine O wintry seas . . . across the south Atlantic to Vigo, Spain. Down the golden African coast to Casablanca. .. to Gibraltar. .. then Algiers, the world's most fascinating cosmopolitan city. Naples .. . Monaco, the Riviera . . . Marseilles. S. S. France January 7th, 1928 Landing in any of the ports en route, French Line guests have the keys of the city. Stop ov er where- ever you like and pick up the France on her next trip ... or return via Le Havre on lle de France or Paris . . . or stay with the ship for the entire trip, Trench fine Information from any French L Oflice, or write direct to 1406 New e Agent or Tourist York dve.,, Washington